Fresno Multifamily Investment
For Sale
$4,400,000
1985 North Winery Avenue, Fresno, CA 93703
Multifamily property in Fresno near educational and retail hubs.
Property Size24,225 SF
Lot Size0.93 Acres
Price / SF$181.63
Days on Market208
Property Features for 1985 North Winery Avenue
General Information
Standard status
Active
Size
24,225 SF
Lot size
0.93 Acres
Property subtype
Multi Family / 16 Units & More
Lease Type
Net
Amenities
All units
Central Heat/Cool
All Units
Fenced
Composition
Stucco
Concrete Perimeter
Building Details
Year Built
1971
Listing Agency:
Brendan Kane Real Estate
(559) 289-0698
Listed By:
Brendan L Kane · License #01976828
(559) 289-0698
Source:
Compass
Added: Feb 4
Changed: Aug 27
Last Checked: Aug 30 at 11:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brendan Kane Real Estate
Investment Insights
Based on property information with market context.
Villa Capri presents an investment opportunity through a modernization program. Current average rents are $1,318 per unit, below market rents of $1,501+. Strategic renovation of kitchens, bathrooms, and flooring may allow a new owner to reposition the asset and increase the Net Operating Income (NOI). The property is located at 1985 N Winery Ave, near California State University, Fresno, and Fresno City College. The Fresno multifamily market shows performance with asking rents in the Central Valley growing by 1.8% annually, with appreciation indicated through 2026. Villa Capri is positioned to benefit from the region’s undersupply of rental housing. Fresno serves as the economic heart of the Central Valley, adding 7,600 new jobs. The local economy is supported by healthcare, education, and a logistics sector anchored by Amazon, Target, and Walmart. The expansion of the Fresno Yosemite International Airport (FAT) solidifies the area as a hub for commerce and travel, driving household formation and rental demand. Villa Capri features a unit mix, with 92% of the property comprised of two-bedroom floor plans. The two-building, garden-style layout is on a 0.93-acre site. Offered at $4,400,000 ($157,143/unit), Villa Capri provides an entry point with a projected Pro Forma Cap Rate of 6.98% and a Cash-on-Cash return of 7.30%.
Key Highlights
- Significant upside potential: increase rents by nearly 14% through strategic interior modernization.
- Prime Fresno location: near California State University, Fresno and Fresno City College.
- Strong multifamily market: resilient Fresno market with continued rent appreciation forecasts.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$277,960
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,559,200
$5.6M
Cap Rate 7%
$3,970,857
$4.0M
Cap Rate 9%
$3,088,444
$3.1M
Market Conditions
NOI Build-Up for 24,225 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$532.0K $21.96/SF
− Vacancy
−$26.6K −$1.10/SF
EGI
$505.4K $20.86/SF
− OpEx
−$227.4K −$9.39/SF
NOI
$278.0K $11.47/SF
Area
Fresno, CA
Vacancy
5.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,559,200
Cap Rate 7%
$3,970,857
Cap Rate 9%
$3,088,444
Alternative Uses
Best Use
Apartment 5plus
$3.97M
$3.47M – $4.63M
NOI $277,960 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.14M
$6.25M – $8.33M
NOI $499,713 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,099
Businesses Nearby
Explore this area
Business Placement
Demographics for 93703, CA
34,840
Population
11,155
Households
3.1
Avg Household Size
31
Median Age
9%
College-Educated
72%
High-School Grad
4.8 sq mi
ZIP Area
7,258
Density / Sq Mi
$43,236
Median Household Income
$30,359
Median Earnings
$1,204
Median Rent
$250,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property in Fresno near educational and retail hubs.
Where is this apartment building located?
The property is located at 1985 North Winery Avenue Fresno, CA.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: Significant upside potential: increase rents by nearly 14% through strategic interior modernization.; Prime Fresno location: near California State University, Fresno and Fresno City College.; Strong multifamily market: resilient Fresno market with continued rent appreciation forecasts.
